MIRA INFORM REPORT
|
Report Date : |
30.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
TAL MANUFACTURING SOLUTIONS LIMITED (w.e.f. 30.01.2002) |
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Formerly Known
As : |
TELCO AUTOMATION LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.03.2000 |
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Com. Reg. No.: |
11-130290 |
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Capital
Investment / Paid-up Capital : |
Rs.650.000 Millions |
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CIN No.: [Company Identification
No.] |
U29100PN2000PLC130290 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCT1342E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the manufacturing of capital goods (including parts
thereof) and services in respect thereof. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘TATA MOTORS LIMITED’. It is an established
company having satisfactory track record. The Company has incurred accumulated loss during financial year 2014. However, the rating takes into consideration strong financial and managerial
support that company receives from parent company and decent capital base of
the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong parent company support, the company can be
considered for business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
18.12.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
18.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Sandeep Ingle |
|
Designation : |
Accounts Head |
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Contact No.: |
91-20-66135509 |
|
Date : |
27.09.2014 |
LOCATIONS
|
Registered Office/ Corporate Office/ Facory 1 : |
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Tel. No.: |
91-20-66135509/ 5550/ 5510 |
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Fax No.: |
91-20-66136318/ 66135404 |
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E-Mail : |
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Website : |
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Factory 2 : |
Aerospace Division, Sector-3, |
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Regional Office
(South) : |
Tata Motor Office, 7th floor, Kasi Arcade, 116, |
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Tel. No.: |
91-44-28153815 |
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Regional Office (North) : |
Tata Motor Office, No.1, Ghazipur Industrial Area, Patpargani, |
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Tel. No.: |
91-11-22232033 |
DIRECTORS
As on 26.07.2014
|
Name : |
Mr. Satish Bhaskar Pradhan |
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Designation : |
Director |
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Address : |
Flat No.173, Apsara Housing Society, NCPA Complex, Nariman Point,
Mumbai - 400 021, |
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Date of Birth/Age : |
04.01.1955 |
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Qualification : |
Masters in
History from |
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Date of Appointment : |
08.08.2001 |
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DIN No. : |
00175969 |
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Name : |
Mr. Niranjan Shankar Kulkarni |
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Designation : |
Director |
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Address : |
221, Falcons Crest, Tata Colony, |
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Date of Birth/Age : |
25.06.1956 |
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Qualification : |
Mechanical
Engineer from |
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Date of Appointment : |
24.07.2009 |
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DIN No. : |
02667029 |
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Name : |
Mr. Satish Balkrishna Borwankar |
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Designation : |
Additional Director |
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Address : |
Fl N. 22, Viola S No. 118/3-5, Warje, Near Cipla Hospital, Kothrud,
Pune – 411052, Maharashtra, India |
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Date of Birth/Age : |
15.07.1952 |
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Date of Appointment : |
06.07.2013 |
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DIN No. : |
01793948 |
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Name : |
Mr. Rajesh Gobindram Khatri |
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Designation : |
Whole-Time Director |
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Address : |
Frangipani, 5 B.J. Road, Sadhu Vaswani Chowk, Behind Hotel Woodland,
Pune – 411001, Maharashtra, India |
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Date of Birth/Age : |
11.07.1962 |
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Qualification : |
B.E. in Production Engineering. |
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Date of Appointment : |
06.07.2013 |
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PAN No.: |
AAFPK1960N |
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DIN No. : |
03620093 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Ingle |
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Designation : |
Accounts Head |
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Name : |
Mr. Ajay Mahajan |
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Designation : |
Divisional Manager |
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Name : |
Ms. Kavita Sethi Jain |
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Designation : |
Secretary |
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Address : |
J-703, |
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Date of Birth/Age : |
06.04.1970 |
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Date of Appointment : |
15.04.2008 |
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PAN No.: |
ALOPS1417J |
MAJOR SHAREHOLDERS
As on 26.07.2014
|
Names of Shareholders |
No. of Shares |
|
Tata Motors Limited, |
64999930 |
|
Tata Motors Limited, |
10 |
|
Tata Motors Limited, India jointly with Sethna K Hoshang |
10 |
|
Tata Motors Limited, |
20 |
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Tata Motors Limited, |
10 |
|
Tata Motors Limited, India jointly with Patel Vispi |
10 |
|
Tata Motors Limited, India jointly with Pisharody Ravindra |
10 |
|
Total |
65000000 |
Equity Share Break up (Percentage of Total Equity)
As on 26.07.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing of capital goods (including
parts thereof) and services in respect thereof. |
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Products : |
Not Divulged |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
SECURED
LOAN (Rs.
In Millions)
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, DR. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India |
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PAN No.: |
AABFD7919A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Tata Motors Limited CIN No.:L28920MH1945PLC004520 |
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Fellow Subsidiary
Company : |
CIN No.: U34100MH2000PLC124874
CIN No.:U34101MH2006PLC164771
CIN No.:U72200PN1994PLC013313 |
CAPITAL STRUCTURE
After 26.07.2014
Authorised Capital : Rs. 1200.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 650.000
Millions
As on 26.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
65000000 |
Equity Shares |
Rs.10/- each |
Rs.650.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
650.000 |
650.000 |
650.000 |
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(b) Reserves & Surplus |
(127.159) |
196.735 |
417.150 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
522.841 |
846.735 |
1067.150 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
12.892 |
17.256 |
23.800 |
|
(d) long-term provisions |
99.254 |
103.826 |
64.133 |
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Total Non-current
Liabilities (3) |
112.146 |
121.082 |
87.933 |
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(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
6.349 |
0.000 |
134.308 |
|
(b) Trade payables |
420.333 |
375.969 |
482.048 |
|
(c) Other current liabilities |
1041.836 |
1177.149 |
784.811 |
|
(d) Short-term provisions |
20.042 |
21.811 |
61.018 |
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Total Current
Liabilities (4) |
1488.560 |
1574.929 |
1462.185 |
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|
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|
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TOTAL |
2123.547 |
2542.746 |
2617.268 |
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ASSETS |
|
|
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|
(1) Non-current
assets |
|
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
426.923 |
289.608 |
323.574 |
|
(ii) Intangible Assets |
14.112 |
19.518 |
11.673 |
|
(iii) Capital work-in-progress |
279.762 |
223.793 |
326.607 |
|
(iv) Intangible assets under development |
1.151 |
0.000 |
6.689 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
154.524 |
133.960 |
146.901 |
|
(e) Other Non-current assets |
3.500 |
3.500 |
19.015 |
|
Total Non-Current Assets |
879.972 |
670.379 |
834.459 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
454.188 |
428.061 |
467.810 |
|
(c) Trade receivables |
416.532 |
456.996 |
561.021 |
|
(d) Cash and cash equivalents |
25.531 |
48.408 |
74.685 |
|
(e) Short-term loans and advances |
207.838 |
605.112 |
135.608 |
|
(f) Other current assets |
139.486 |
333.790 |
543.685 |
|
Total Current
Assets |
1243.575 |
1872.367 |
1782.809 |
|
|
|
|
|
|
TOTAL |
2123.547 |
2542.746 |
2617.268 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1248.287 |
1751.457 |
2188.563 |
|
|
|
Other Income |
65.320 |
234.526 |
433.158 |
|
|
|
TOTAL (A) |
1313.607 |
1985.983 |
2621.721 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
870.759 |
1209.263 |
1665.921 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
31.107 |
3.429 |
(93.071) |
|
|
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Employee benefit expense |
437.255 |
550.577 |
479.554 |
|
|
|
Other expenses |
249.617 |
390.089 |
348.942 |
|
|
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TOTAL (B) |
1588.738 |
2153.358 |
2401.346 |
|
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|
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(275.131) |
(167.375) |
220.375 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.063 |
3.998 |
44.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(282.194) |
(171.373) |
175.728 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
41.700 |
48.604 |
44.833 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(323.894) |
(219.977) |
130.895 |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
0.000 |
0.437 |
25.566 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(323.894) |
(220.414) |
105.329 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
196.376 |
417.150 |
349.593 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
0.000 |
32.500 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
5.272 |
|
|
BALANCE CARRIED
TO THE B/S |
(127.518) |
196.736 |
417.150 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
142.300 |
87.743 |
65.158 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(4.98) |
(3.39) |
1.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(25.95) |
(12.58) |
4.81 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(22.04) |
(9.56) |
10.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.58) |
(9.49) |
5.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.62) |
(0.26) |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.00 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84 |
1.19 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
650.000 |
650.000 |
650.000 |
|
Reserves & Surplus |
417.150 |
196.735 |
(127.159) |
|
Net
worth |
1067.150 |
846.735 |
522.841 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
134.308 |
0.000 |
6.349 |
|
Total
borrowings |
134.308 |
0.000 |
6.349 |
|
Debt/Equity
ratio |
0.126 |
0.000 |
0.012 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2188.563 |
1751.457 |
1248.287 |
|
|
|
(19.972) |
(28.729) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2188.563 |
1751.457 |
1248.287 |
|
Profit |
105.329 |
(220.414) |
(323.894) |
|
|
4.81% |
(12.58%) |
(25.95%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Note:
The registered office of the company has been shifted from
C/O Tata Motors Limited, 3rd Floor, Nanavati Mahalaya, 18 Homi, Mody Stree,
Hutatma Chowk, Mumbai-400001, Maharashtra, India to present address w.e.f. 03.04.2007
OPERATIONS AND
PERFORMANCE
The Company achieved total revenue of Rs. 1313.600 Millions during the year under review as compared to Rs. 1986.000 Millions for the previous year. The company suffered a loss of Rs. 323.900 Millions as compared to previous year?s loss of Rs. 2204 Lakhs. The significant decline in volumes as\well as pressure on profit margin has affected the profitability of the Company.
INDUSTRIALS DIVISION
The year was marked with unabated economic slowdown with the Index of Industrial Production (IIP) touching decade low figures with manufacturing output contracting 0.7% in April-Feb period (as against 1% growth in the previous year). Indias growth further decelerated as a slump in industry and investment spread to consumption and exports. Though inflation and the fiscal deficit were reined in, the current account deficit rose to a record high.
Delays in resolving structural impediments to growth were compounded by a global trade slowdown. Economic growth in fiscal year 2013-14
decelerated to 4.7% from 5% in FY 2012-13. The steep fall in the rupee has further impacted industrial investments and output.
Automobile industry and Capital Goods have seen the sharpest declines. While the Auto sector has grown by 3.5%, the passenger cars and commercial vehicles have had a negative growth of (5%) and (21%) respectively. With a large dependence on these sectors, the Company could achieve an order booking (excluding excise duty) of Rs 1190.000 Millions, a decrease of 27% YoY for the Industrials division. The loss in the Industrials division was Rs 36 Crs - restricted to the same levels as the previous year despite the significant (34%) drop in revenues.
The volatile foreign exchange situation with about 10% depreciation of rupee during the year against major international currencies such as dollar & euro also resulted in higher material costs and had a 1.8% negative impact on the margins.
The Companys thrust on cost reduction and improving operational efficiency resulted in 19% reduction of fixed cost YoY, driven by right-sizing and lean initiatives. These efforts have helped the Company to restrict the loss, despite lower revenues.
With focused efforts, the Company was able to reduce its working capital levels, thereby minimizing its borrowing costs.
Continued thrust on improvement in quality and reliability and introduction of new models enabled the Machine Tool Division (MTD) to gain 42% (v/s 35% in the previous year) of its orders from OEMs and Tier 1 customers. The MTD successfully launched its VTL based on technology from Maus, Italy.
In the Fluid Power business, the front end cylinders were successfully launched after extensive trials and testing. The 57cc Gear Pumps are under Validation.
The Projects business has been restructured and consolidated in to a single Integrated Manufacturing Solution? business. Several new business development initiatives including smart tooling, prototype build, refurbishment of existing paint shops, etc. have been identified and are being actively implemented. Organizational changes to achieve effective project management have been effected. Initiatives were taken for design optimization and out sourcing to reduce the procurement costs. The company decided to exit the loss making Car Parking business.
The Company, along with TML, has successfully completed development of Wheeled Armored Platform (WHAP) Hull in a record time of 2 months.
OUTLOOK
With the expectations of a stable and decisive government post elections, India s economic outlook for 2014-15 looks better than the current fiscal year due to resurgence in exports, global economic revival and moderation in inflation. However, a below normal monsoon could prove to be spoil sport and reign in higher interest rates.
In line with its Strategic Plan 2020, Low Cost Automation, Aerospace and Integrated Manufacturing Solutions will be the key growth engines for the Company.
The Company has embarked on its project for design and manufacture of a low cost robot. The first prototype will be built and put for validation in Q1 FY15 ? commercial production for which is targeted for Q4? FY15.
With a projected 5% CAGR long-term growth in commercial aircrafts, the Aerospace segment continues to offer good growth opportunities. The OEM and Tier-1 companies are keen to source their requirements - parts, assemblies and tooling, from India to leverage low-cost advantage and fulfill offset obligations. Given the stringent quality demands and the associated high penalties and contractual obligations, not many companies in India seem to be ready.
The company has taken proactive steps to exploit the growing opportunity in Aerospace. The revenues from the dedicated facility at Nagpur are expected to grow exponentially as the production rate gets ramped up.
Intensified business development efforts to grow and leverage opportunities with major international customers based on long term partnering is likely to be reflected in long term contracts being awarded to your Company in the near future. Collaborative efforts with other TATA Group companies are also likely to generate good business opportunities, especially for Tooling and Ground Support Equipment. These will be laying the foundation for the growth of the Sheet Metal and Assembly operations from the Generic facility.
The Company continues its efforts to reduce its dependence on the cyclical Auto sector by extending its offerings to other sectors like Railways, Construction Equipment and Pharmaceuticals and focusing on offering Integrated Manufacturing Solutions in place of discreet selling of equipment alone. New business development initiatives undertaken by the company are expected to yield results.
There exists an opportunity to garner a higher share of business by collaborating with Group companies (in addition to TML).
The WHAP is expected to generate good business opportunity for the Company in future.
Continued thrust on cost reduction will be key to survival. Manpower right-sizing and restructuring are expected to provide full benefits during
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10177946 |
17/09/2009 |
540,000,000.00 |
STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH |
"TARA
CHAMBERS"2ND FLOOR, PUNE-MUMBAI HIGHWAY, NE |
A70540620 |
|
2 |
10159428 |
09/08/2011 * |
20,000,000.00 |
UNION BANK OF INDIA LIMITED |
KASARWADI BRANCH,
KASARWADI, PUNE, MAHARASHTRA - |
B18895474 |
|
3 |
80037157 |
01/06/2011 * |
280,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B14870216 |
|
4 |
90143173 |
30/06/2009 * |
165,000,000.00 |
UNION BANK OF INDIA |
KASARWADI BRANCH,
PUNE, MAHARASHTRA - 411034, INDI |
A66272667 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
v
v Plant and Machinery
v Office Equipment
v Furniture and Fixtures
v Vehicles
Intangible Assets
v Software
v Technical Knowhow
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.65 |
|
|
1 |
Rs. 99.14 |
|
Euro |
1 |
Rs. 77.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial
difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.